An additional 18 vessels are currently undergoing the deregistration process.that appear on international sanctions lists issued by OFAC, the European Union, and the United Kingdom.

. Panama’s maritime authority PMA An additional 18 vesselssaid that it has canceled the registrations of 107 vessels that were flying under the Panamanian flag and were included in international sanctions lists, the entity said in a statement.

An additional 18 vessels are currently undergoing the deregistration process. This action follows Executive Decree No. 512 of October 18, 2024, which grants the PMA the authority to unilaterally cancel the registration of vessels, registered individuals, and shipowners that appear on international sanctions lists issued by OFAC, the European Union, and the United Kingdom.

EU sanctions

EU sanctions are a tool under the Common Foreign and Security Policy (CFSP) to uphold international law, prevent international crises, support conflict resolution, fight terrorism and tackle the proliferation of weapons. Sanctions are a useful tool to support third countries consolidate democracy and the rule of law and to hold violators of human rights accountable for their crimes.

Decree No. 512

Historically, the deregistration of vessels involved in illicit activities took approximately three months under the General Merchant Marine Law (Law No. 57), Article 49. Executive Decree No. 512 was enacted to expedite this process, enabling the immediate deregistration of ships whose owners or vessels appear on the specified international sanctions lists.

Respecting maritime mortgages

The Panamanian Government aims to prevent sanctioned vessels and shipowners from operating under its flag while respecting maritime mortgages and the legal rights of involved parties.

Related :Panama to cancel flags on four US-sanctioned LNG vessels

Technological platform upgrades

To mitigate risks, the pre-registration analysis process has been strengthened to consider the background and operational history of owners and operators, alongside the vessel’s technical criteria. Risk matrices and technological platform upgrades have also been implemented to identify potentially illicit vessels.

Related :U.S Sanctions On Russian Tankers Still Under Construction

Reviewing national legislation

The Directorate General of Merchant Marine is currently reviewing national legislation to further strengthen the Panamanian Merchant Marine and ensure rigorous oversight in line with international conventions, aiming to enhance fleet performance and compliance with safety standards. Through these measures, Panama reaffirms its commitment to transparency, security, and the fight against the misuse of its flag for illicit activities.

PMA Certification

It is noteworthy that PMA Certification, Inc is a company specialized in registration of any type of ships, obtaining of flag documents, statutory and class certificates, or any other document or approval . They act on behalf of shipowners, ship managers, crew manning agencies, financiers, lawyers, accountants and consultants

The Panama Ship Registry closed 2024 with a total of 8,773 ships and 248.8 million Gross Register Tonnage (GRT).

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